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    Home > Chemicals Industry > Petrochemical News > OPEC+ confirms that as demand picks up, it will slightly increase supply

    OPEC+ confirms that as demand picks up, it will slightly increase supply

    • Last Update: 2021-06-12
    • Source: Internet
    • Author: User
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    OPEC+ confirms plan to gently hike supply as demand recovers

      OPEC and its allies recommended proceeding with plans to gently revive oil production as global demand recovers from the pandemic, despite surging infections in India.


      A committee led by Saudi Arabia and Russia agreed the coalition can skip a full-scale ministerial meeting originally scheduled for Wednesday, and press on with its roadmap for increasing supply, delegates said.


      World oil consumption will rebound by a vigorous 6 million barrels a day this year, though the recovery remains at risk from virus outbreaks in India and Brazil, a panel of OPEC+ technical experts forecast on Monday.


      “We can take comfort in knowing that our leadership has helped turn the tide,” Mohammad Barkindo, secretary-general of the Organization of Petroleum Exporting Countries, said on Twitter.


      The OPEC+ alliance slashed output to help revive the global oil industry from an unprecedented price rout last year when the pandemic crushed fuel demand.


      The proposal from the Joint Ministerial Monitoring Committee, which formally met on Tuesday, was going through the OPEC+ diplomatic process so it could be rubber stamped by every member nation, a process that was likely to take a few hours.


      Russian Deputy Prime Minister Alexander Novak said Tuesday that there's optimism in the oil market.


      Global oil inventories will decline at a rate of 1.


      “You're seeing incredibly strong demand,” BP Plc Chief Executive Officer Bernard Looney said in a Bloomberg TV interview on Tuesday.


      Virus infections in India, the world's third-biggest oil importer, are increasing at a record pace.


      The coalition can move quickly if the situation deteriorates since it now meets regularly roughly every month, the delegate said.


      “The dark cloud is India,” said Helima Croft, chief commodities strategist at RBC Capital Markets LLC.


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